NEW YORK (GenomeWeb News) — Algonomics has taken in €500,000 ($670,000) in a second closing of a financing round to net a total of €2 million ($2.7 million), the company said today.
The immunoprofiling company plans to use the funding to continue developing an in vitro screening platform, called Epibase, to complement its existing screening products and services.
Algonomics, based in Ghent, Belgium, said Epibase screens and optimizes biotherapeutics, including therapeutic antibodies, biosimilars, and vaccines.
"This investment allows a significant growth of our in vitro assays,” Algonomics CEO Ignace Lasters said in a statement. “Moreover, it allows the further evaluation of novel technologies to address all aspects of immunogenicity.”
The company said the second closing was subscribed by Fortis Private Equity and KBC Private Equity, and the funding round was led by Baekeland II fund and subscribed by Gemma Frisius Funds, Flanders Institute for Biotechnology, and TrustCapital.